secwatch.observer — SEC 8-K summary
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Issuer:     STANLEY BLACK & DECKER, INC. (SWK)
CIK:        0000093556
Form:       8-K
Filed at:   2023-02-23T23:59:59+00:00
Accession:  0001193125-23-046483
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Stanley Black & Decker Amends Credit Agreements to Adjust EBITDA and Interest Coverage Covenants
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- Amended $1.5B 364-day, $500M 364-day, and 5-year credit agreements on Feb 23, 2023.
- EBITDA definition expanded to allow addbacks for restructuring, M&A, Russia closure, and other charges up to $500M per period.
- Interest coverage ratio requirement reduced from 3.50x to 1.50x for four fiscal quarters ending Q3 2023 through Q2 2024.
- Lenders received a one-time amendment fee of 3 basis points of their commitment.
- Amendments involve Citibank as agent and multiple lenders including Bank of America, JPMorgan, Wells Fargo.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/93556/000119312523046483/0001193125-23-046483-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/93556/000119312523046483/d309522d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-046483

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer